According to its financial report for the first half of 2009 released on August 17, Liaoning Province-based Angang Steel suffered a loss of RMB 1.563 billion ($229 million), down 126.14 percent compared with the previous year.
From January to June, Angang Steel produced 9.2746 million mt of pig iron, 9.1017 million mt of crude steel, and 8.5216 million mt of finished steel, up 14.34 percent, 11.18 percent, and 10.78 percent respectively year on year, with its sales of finished steel totaling 8.3042 million mt, up 8.17 percent.
This company explained that under the influence of the global financial crisis, the steel industry was generally characterized by supply exceeding demand, thus driving down the steel prices significantly and leading to the sharp slump in its net profit.